Abstract
In this contributed presentation, we discuss and compare the mutually opposite procedures of deformations and contractions of Lie algebras. We suggest that with approp- riate combinations of both procedures one may construct new Lie algebras. We first discuss low-dimensional Lie algebras and illustrate thereby that whereas for every contraction there exists a reverse deformation, the converse is not true in general. Also we note that some Lie algebras belonging to parameterized families are singled out by the irreversibility of defor- mations and contractions. After reminding that global deformations of the Witt, Virasoro, and affine Kac-Moody algebras allow one to retrieve Lie algebras of Krichever-Novikov type, we contract the latter to find new infinite dimensional Lie algebras.
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